Both supply and demand are weak. Today, magnesium prices are in the doldrums. [SMM Spot Magnesium Ingot Report]

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SMM, May 15: Domestic magnesium prices continued to decline today. The mainstream transaction prices for 99.90% magnesium ingot in the Fugu region were around 17,300-17,400 yuan/mt, down 100 yuan/mt from yesterday.

As the magnesium market is currently on a downward trend from a high level, downstream purchase willingness is low, and market transactions are sluggish. According to magnesium producers in the main production areas, downstream enterprises have returned to a wait-and-see attitude, with magnesium producers adjusting their quotes in line with market conditions. Low-price transactions in some markets have driven magnesium prices lower overall.

Looking ahead, magnesium prices are expected to fluctuate rangebound. On the one hand, the low inventory situation will continue to support magnesium prices, with the current low inventory levels and the willingness of smelters to stand firm on quotes limiting the downside room for magnesium prices. On the other hand, limited demand for high-priced supplies and weak purchase willingness from downstream enterprises have suppressed the upward momentum of magnesium prices.